A borrowing in the U.S. market consisting of $300 million of 8-5/8 percent 30-year bonds due October 15, 2016 was announced by the International Bank for Reconstruction and Development (World Bank). The bonds were offered at par and are non-callable.
The bonds were offered by The First Boston Corporation, Goldman, Sachs & Co., Merrill Lynch Capital Markets, Salomon Brothers Inc. and Morgan Stanley & Co. Incorporated.
The net proceeds to the World Bank from the sale of the bonds will be used in the general operations of the Bank.
The Bank is headquartered in Washington, D.C. and has been in operation since June 1946. Its membership comprises 151 governments. The principal purpose of the Bank is to promote the economic development of its member countries in the interest of fostering the long-term growth of international trade and improved living standards. Its principal activity is providing loans for specific projects and related technical assistance. From its establishment to June 30, 1986, the Bank had approved loans in the aggregate amount of $127.9 billion to finance projects or programs in 102 countries.